French luxury fashion brands rely on accessories to survive crisis

The current world crisis is being felt acutely at Paris fashion week, where luxury firms are using smaller venues, cutting down on invitations and displaying fewer styles in collections. Many retail executives at Paris fashion week reported they were seeing healthy sales of bags and shoes, as thrifty shoppers update their existing wardrobe with new accessories.

Following the Christian Dior show, CEO Sidney Toledano said business in mainland China, Hong Kong and Singapore continued to thrive, and that Dior’s investments in the region were now paying off. Toledano also added that accessories such as bags continued to sell well. Mr. Bernard Arnault, owner of Dior was also present and he declared that Dior and Louis Vuitton are less affected than the other brands of his holding company LVMH.

One of the most affected brands of the LVMH Group has been CELINE, which halted its international expansion earlier this year. Managing Director of CELINE Mr Marco Gobbetti admits the brand has been affected by the current crisis and he added that his strategy focuses on reinforcing the identity of the brand and redesigning the majority of its stores.